In the aftermath of Trump's decision to leave the Paris climate deal, the most prominent environmental advocates are lamenting that this is the beginning of the end on addressing climate change — but here's what the energy sector is watching for next, from investment to jobs, Congressional to state action, and economics. What you need to know:
- Investment shifts: Keep an eye on big multinational companies like GE, Siemens, or companies that make the tech of clean energy, which the VP of Global Climate at the Environmental Defense Fund Nat Keohane told Axios are on his watch list. Go deeper here.
- Another campaign promise, jobs. If investors do shift their focus to other countries more committed to the Paris deal to build up their clean tech, renewables jobs in the U.S. could take a hit, which would hurt Trump, per Keohane. Go deeper via the DOE.
- Congressional activity: "Some Republicans are waking up to the fact that [most] Republicans are driving them into the ditch [and] if they're gonna have a future with millennials, they're going to have to change on climate change," Keohane says. Go deeper here.
- State-level and city-level activity: So much of what sets energy policy takes place at the state level with state utility regulators, state utilities boards and commissioners, and renewable energy mandates. These shifts will happen no matter whether we are in the agreement, according to an industry source. Go deeper here, via Axios.
- It could be business as usual for Paris deal supporters: One industry source tells Axios because the Paris agreement was not enforceable" and Trump's decision isn't changing the market forces behind decreasing costs for wind and solar tech, a lot of the stakeholders and businesses who wanted the U.S. to stay in the agreement are going to go on with their business as usual. Go deeper, via WSJ.